Cambridge tech firm Riverlane has raised $75m (£64m) in a Series C round to expand operations for its quantum error correction technology.
This new funding has reportedly made it the first quantum computing startup in Europe to raise a Series C, according to TechCrunch.
The startup, founded by Steve Brierley, focuses on a product it calls Deltaflow, a combination of quantum error correction chips and hardware, as well as software, which it says will be capable of correcting billions of errors per second.
Quantum error connection, or QEC, is technology to reduce interference that causes errors in quantum computers.
Its funding round was led by Planet First Partners, the European growth equity investment platform. It secured additional funding from leading Singapore-based global investor EDBI and environmental technologies fund ETF Partners.
The investment will enable Riverlane to deliver its QEC roadmap. Published earlier this month, Riverlane’s roadmap lays out a development path to one million error-free quantum computer operations as early as the end of 2026.
It details a series of product releases, each incorporating significant scientific and technical breakthroughs toward this goal.
Brierley said: “Quantum error correction is the critical enabler for the industry’s next huge wave of progress, from today’s small error-prone machines to large and reliable quantum computers that will start a new age of human progress as significant as the digital revolution.”
The quantum startup has become one of the best-funded in its field in the UK, having closed a £15m Series B round last year.
While the startup hasn’t revealed its full list of customers, it has disclosed that it works with Rigetti Computing, Alice & Bob, QuEra Computing, Infleqtion, Atlantic Quantum, the Oak Ridge National Laboratory in the US, and the UK’s National Quantum Computing Centre.
Subodh Kulkarni, chief executive officer at Rigetti Computing, said: “Addressing qubit errors is one of the most important challenges facing the quantum computing ecosystem. Rigetti and Riverlane are longtime collaborators, and being able to leverage their leading error correction expertise continues to be a great asset as we advance our work towards building useful quantum computers.”